Ormat Technologies Correlations

ORA Stock

USD 71.64 0.38 0.53%

The current 90-days correlation between Ormat Technologies and Enlight Renewable Energy is 0.39 (i.e., Weak diversification). The correlation of Ormat Technologies is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Ormat Technologies Correlation With Market

Average diversification

The correlation between Ormat Technologies and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ormat Technologies and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Ormat Technologies. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

For information on how to trade Ormat Stock refer to our How to Trade Ormat Stock guide.

Moving together with Ormat Stock

0.71	BEP	Brookfield Renewable	Pair Corr
0.74	BEPC	Brookfield Renewable Corp	Pair Corr
0.73	CWEN	Clearway Energy Class	Pair Corr
0.76	WTRG	Essential Utilities	Pair Corr

Moving against Ormat Stock

0.79	CEG	Constellation Energy Corp	Pair Corr
0.63	GEV	GE Vernova LLC	Pair Corr
0.34	NRGV	Energy Vault Holdings	Pair Corr
0.31	BEP-PA	Brookfield Renewable	Pair Corr
0.31	HTOO	Fusion Fuel Green	Pair Corr
0.66	BIP	Brookfield Infrastructure	Pair Corr

Related Correlations Analysis

	AMPS	AZRE	ENLT	FLNC	AY	CWEN-A	BEPC	NEP	BEP	CWEN
AMPS		0.0	0.45	-0.82	0.0	0.68	0.53	0.7	0.53	0.67	AMPS
AZRE	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	AZRE
ENLT	0.45	0.0		-0.22	0.0	0.24	0.34	0.37	0.35	0.23	ENLT
FLNC	-0.82	0.0	-0.22		0.0	-0.71	-0.28	-0.77	-0.25	-0.7	FLNC
AY	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	AY
CWEN-A	0.68	0.0	0.24	-0.71	0.0		0.63	0.36	0.59	1.0	CWEN-A
BEPC	0.53	0.0	0.34	-0.28	0.0	0.63		0.29	0.98	0.65	BEPC
NEP	0.7	0.0	0.37	-0.77	0.0	0.36	0.29		0.26	0.35	NEP
BEP	0.53	0.0	0.35	-0.25	0.0	0.59	0.98	0.26		0.61	BEP
CWEN	0.67	0.0	0.23	-0.7	0.0	1.0	0.65	0.35	0.61		CWEN
	AMPS	AZRE	ENLT	FLNC	AY	CWEN-A	BEPC	NEP	BEP	CWEN

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

CWEN	+ 1.0	CWEN-A
BEP	+ 0.98	BEPC
NEP	+ 0.7	AMPS
CWEN-A	+ 0.68	AMPS
CWEN	+ 0.67	AMPS
CWEN	+ 0.65	BEPC

High negative correlations

FLNC	- 0.82	AMPS
NEP	- 0.77	FLNC
CWEN-A	- 0.71	FLNC
CWEN	- 0.7	FLNC
BEPC	- 0.28	FLNC
BEP	- 0.25	FLNC

Risk-Adjusted Indicators

There is a big difference between Ormat Stock performing well and Ormat Technologies Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Ormat Technologies' multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
AMPS	2.30	0.50	0.18	1.99	2.07	(2.91)	6.49	(5.51)	27.76
AZRE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ENLT	1.83	0.05	0.04	0.21	2.34	(1.94)	3.73	(3.92)	12.04
FLNC	4.17	(1.43)	0.00	(13.23)	0.00	0.00	6.06	(7.49)	52.93
AY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CWEN-A	1.22	0.18	0.14	0.55	1.41	(1.31)	2.63	(2.60)	9.04
BEPC	1.73	0.02	0.03	0.09	2.34	(1.61)	2.73	(3.46)	9.49
NEP	3.47	(1.67)	0.00	(7.41)	0.00	0.00	2.86	(11.33)	30.84
BEP	1.54	0.04	0.05	0.24	2.01	(1.53)	2.91	(3.69)	10.07
CWEN	1.23	0.18	0.15	0.58	1.46	(1.33)	2.64	(2.67)	9.09

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